A Stock broker plays a pivotal role in your financial life. Selecting a good and reliable stock broker is the magical key to smart investing and trading. But, you need to be very careful in choosing the right and the most suitable trading platform based on your preferences. To optimise your returns, you ought to consider some crucial factors while making the smart choice.
With modernisation and digitisation at its peak along with emerging new online trading platforms, you must be very cautious to follow the correct steps. In fact, nailing down on one particular stock broker is not as easy as it seems to be.
Let’s make the broker selection process a bit easier for you. A small but quite handy checklist that you must go through before choosing the best stock broker in India.
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Also Read: How to Select an Ideal Stock Broker?
Best Stock Broker in India: 5 Crucial Factors to Consider
1. Full Service vs Discount Brokers
This is the primary factor to be taken care of, are you looking for a full service broker or a discount broker? Discount brokers particularly offer a no-frill stock broking account. The broker selection is particularly based on your intention and objectives. Are you interested in intraday trading or long term investing or you wish to follow both? Which broker shall fulfil your investment and financial goals?
Before opening your online demat and trading account, just make sure to analyse: what are you exactly looking for?
2. Check Stock Broker’s background
A thorough check of the broker’s background and past performance can give you a clear and complete picture. How long the broker has been into this industry? How the stock broker has evolved over the years? Check for client’s feedback and genuine reviews to further clarify on the broker’s goodwill in the market.
Verify the facts from the existing clients, through family and friends circle, if possible. Knowing the business presence, daily turnover value, different financial segments and number of presently active clients can be a big help.
3. Account Opening Charges, Brokerage & Other Costs
When you open demat and trading account, there are small account opening charges and maintenance charges attached to it.
Brokers also charge a certain commission for executing your trades. This may be trade value percentage based or a flat fee model they have various brokerage plans. There’s no need to pay high brokerage charges any more, when you have a low brokerage stock broker providing similar benefits. You can easily find out low commission brokers without compromising on the quality of services being offered. If you wish to become a regular trader, going for a low brokerage charges option will surely help you save a lot.
Don’t forget to compare all these charges associated with opening demat and trading account with the specific stock broker.
4. Easy to use Online Trading Platform
Online trading has outperformed the traditional form of offline trading. A broker giving quick access to your online transactions through friendly and supportive user-interface, shall obviously rank better. Any frequent technical faults or hindrances in online activities can impact the client’s review.
A stock broker having an excellent, tech-savvy and user focused online trading platform shall definitely emerge as a clear winner. The bulk of facilities and advantages that come along with an online trading platform are an important factor to consider while choosing the best stock broker.
5. Great Customer support:
To survive in this competitive age, a broker who provides good customer support services definitely has an edge over the others. Customers generally look for quick responding staff who can adhere to their numerous queries. Any lack in customer satisfaction can make them switch over to another alternative.
So, ensure that the broker is readily available and capable enough to cater to customer requirements.
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Also Read: Do’s and Don’ts of Stock Market Investing: A Beginner’s List
Stock Broker Selection: The Perfect Choice
Remember, it’s not “One size fits all” situation. You have to check your own financial requirements and then take the final call for opening your demat and trading account.
To sum up, we can say that before you choose the best stock broker, have a detailed discussion with it for clearing all your doubts. Choosing the right broker is the initial solid step to carry on a successful investing and trading career. No doubt, the choice of stock brokers has increased owing to the mushrooming of new and efficient discount broking models in India. You surely need to zero down on the best stock broker to commence and gear up your stock trading.
At the end of the day, you need to trade and invest wisely with the available resources backed by your broker. A correct decision here can turn your hard earned capital into high return potential.
Which stock broker have you finalised? Does it have a versatile approach and has an extensive network? What about the quality of services and the brokerage plans that it offers? Do share your views thereon.
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